A New Guest And Bitcoin Developer Discusses Hard Forks
I am happy to introduce a new guest to the show Jimmy Song. Jimmy is a Bitcoin developer and provides Bitcoin commentary through his YouTube channel and Twitter. In this interview we get Jimmy’s background and focus on what a hard fork is. Bitcoin has gone through a number of hard forks over the past couple months and more are expected in the near term.
I will be having Jimmy back on the show on a regular basis. Please send me the topics you would like to us to cover.
Click download link to listen on this device: Download Show
Click here to visit Jimmy’s YouTube channel for his past interviews on the Bitcoin market.
Hint:
Buy Litecoin and hold.
Veritaseum should be making an important announcement shortly….heavy insider buying.
IOTA will be fast. (New technology on the Lightning network)
Jimmy is right about ZCASH and MONERO.
Ira’s end of day TA.
Thanks Cory-Jimmy… very interesting!!
A possible competing coin to litecoin is Pascal Coin, which will also work on the lightning network.
PASC is cheap at this point in time.
Pascal coin has forked and there is a Pascal lite, PASL, which I have not yet studied in depth.
i think bix says buy litecoin.
Ive asked a few places and nobody has yet answered what happens when a person runs out of coin and employers dont pay in coin.
new coins invented of course but ya need fiat to get em.
b;
You should be more specific and say when you run out of what coin.
The new network will let you swap different coins for different uses.
You are correct in saying that you need fiat to buy the coins. The thing with fiat is that
The value of your fiat money is decreasing ,and at the time the value of the crypto’s are rising.
There is a lot of hype right now associated with the cryptos and you must do your homework.
The thing with Bitcoin is the fact that there are only so many of them that ever will be created.
This scarcity factor is playing a large part in the speculation. IMHO
You bring up an interesting point about employers and employees. The work/pay dynamic could be about to change. With the advent of new Networks being able to conduct transactions off the blockchain, the concept of real time payment could be about to take hold. This is where instead of being paid every two weeks or weekly, you could be paid in real time by the minute.
Eventually you could see different alt coins merge to form one stronger coin.
Much like investing in Jr Mining stocks, Investing in People is key here.
JohnK,
I don’t see how two coins could merge to form one stronger coin…..The operating teams could merge, but most coins could not, because if software, block size incompatibilities.
I ment bitcoin johnK but the scenario is the same for all of them.
If I have mined or bought 10 coins and I spend them, how do I get more without fiat
You say another coin, except you need fiat or mine them.
so, if the mining is the way to go,(no fiat) someone has to keep coming up with new coins as the previous get used or more likely as bitcoin is now, hoarded.
so how does useing cryptos as currency actually work
(i would use my question mark but its not working for some reason)É
Wouldnt the world simply be exchanging bankers for crypto makers.
seems to me, bitcoin is simply being traded amongst bitcoin collectors, a person would be nuts to actually spend it with the way its rising in price. anyone might be nuts to sell any as well.
B:
As you know I just sold half my position in Bitcoin. Am I nuts? Probably. The thing with the Crypto’s is the lower transaction fees, and the speed which you can transact.
Say if a Visa Card charges the merchant 3% and the merchant can do the same transaction with a Crypto for say .00015 % it is way more profitable for the merchant.Thus the merchant can lower his prices benefitting the consumer.
Also for transferring money say from the U S to the Phillipines the fees are way less than sending it say Western Union,not to mention your time going to the Western Union.
I think your not seeing my point John.
Im probobly not being clear.
Im talking about using bitcoin-crypto as a currency,(not transferring funds) if a person runs out of it,spends all he has, how does he get more without fiat, i know you said another crypto, but that was had useing fiat.
no employer is paying in crypto so how does a person get more.
if he has to sell something, eventually he runs out of things to sell as he has to buy food etc.
I dont see how the system can work on any kind of scale, cryptos need fiat as far I can tell.
so, cryptos do not replace fiat.
how is a crypto system actually going to work without government creating them as the fed creates fiat.
are we to use whatever crypto somebody decides to make
so much for taxes,no roads hospitals,fire dept etc
And yes, if bitcoin goes to 100k you were nuts to sell your coins.
course theres always reasons to sell.
You are right b. Crypto’s need fiat. Cryptos don’t replace fiat.
Fiat doesn’t create wealth. So far Crypto does.
I see Greg Hunter has an interview with Lynette Zang.
Lynette has an interesting video on u-tube with the Chinese ACC Chain token and the tokenization of everything.Just remember her business is selling Gold and Silver.
This is another eye opening video.
One must keep an eye on the Chinese as they never “Broadcast” what they are up to.
If a person runs out of crypto in their wallet, b, then they will have to find an exchange or an individual willing to trade fiat into cryptos for that person to get more cryptos.
If you cannot find someone willing to exchange fiat for cryptos, then yes, you are effectively shut out of the crypto world until you find a person willing to exchange with you. That should be as nearly impossible as being shut out of the fiat foreign exchange market today.
thx for the responses guys.
I will say that Valentine Scmid of the Epoch times is one of the most level headed people I’ve listened to when it came to the CME getting involved with Bitcoin through the futures.
Cory”
You need to get an understanding as to what is a “hard fork” and what is a “soft fork”
I thought Jimmy would have pointed this out and now I question why he never did.
Maybe next time you could ask Jimmy about Transaction malability concerning Malicious nodes and the Segwit “Hard Fork” that didn’t happen and why this is is important for the scalability of the Bitcoin Network going forward.
It is majority rule: you need 51% of the miners of Bitcoin to agree to a hard fork. That’s why SegWit failed. A “soft” fork doesn’t double the amount of Bitcoin original with a new coin, etc. A soft fork changes the original Bitcoin, which is highly contentious.
And speaking of political assassination…
https://news.sky.com/story/terror-plot-to-assassinate-pm-may-foiled-11158388
A fork in Bitcoin is like a theological difference in a Protestant or post-Catholic church: some of the members split off with their own church. The new church has much of the theology of the church it left, but there are marked differences.
The same with Bitcoin splitting or forking off Bitcoin Cash, Bitcoin Gold, etc. The good news is that old holders of the original Bitcoin get an equal amount of the new Bitcoin Cash or Bitcoin Gold, if they can find an exchange or wallet that will support splitting the old Bitcoin into the new Bitcoin. And competition is good – right? But the market will determine “which” Bitcoin survives and thrives.
jhpace :
That should say a hard fork changes the original Bitcoin. A soft fork doesn’t. All the forks so far have been soft forks.
jhpace:
A soft fork can be done without the consensus of the Bitcoin Core members. One of the biggest concerns with the hard fork is security of the Core Blockchain.
The “Core” Bitcoin Blockchain has never been hacked. Many involved with Core Bitcoin intend to keep it that way.
Also it should be said that everything after Core Bitcoin is considered an “Alt Coin” There is only one Bitcoin.
Glad to see all the educated people on Bitcoin here!
If Bitcoin being an encrypted line of code that has no substance outside of cyberspace is worth $12,803 US dollars I would think a one ounce wafer of pure silver is worth far more because it is real, doesn’t need electricity or computers, is a traditional form of money and is useful to industry.
Steven:
You miss Portability and Security. Cavemen didn’t have Electricity. I think the Egyptians might have though.
But Bitcoin has great utility.
Fiar money really has little intrinsic value, when you think about it….a piece of paper with printing, or a junk of not particularly high metal vslue, but fiat money allows purchase of goods and services.
Bitcoin allows transfer of money across borders quickly at little cost. Is that not valuable….especially if you are in Zimbabwe or similar tyrannical countries?
Plus it will be increasingly accepted for large purchases for a period of time.
It is probably a reasonable store of value over some intermediate time period.
junk = hunk of metal
I was not fully awake…..thinking of junk silver
Load up at $15.00……..could even see $12.00 if Bob Hoye’s prediction of 100 to 1 GSR comes into being.
GSR……………..79.1
oops, fiar should be fiat
Off topic:
I wish Trump was not so isolated and taking advice from his not so experienced son-in-law.
(I said that almost a year ago, and repeat it)
The controversy over Jerusalem as capital of Israel is probably neither desirable or productive at this time.
If Trump thinks it appropriate, it would have been better to do it at the end of his Presidency. (Perhaps Trumps thinks he may be close to the end of his Presidency, already, but I doubt it, with his ego.)
His family members are most likely pushing the agenda…..Since they are all Ashkenazi …jmo
Fred Trump, President Trump’s Father donated the land for Talmud Torah, Beach Haven Jewish Center.
723 Avenue Z
Yep……….
Silver on the edge of the table…………..16.05……..for a nickle , it could be in a pickle.
OVER THE EDGE>>>>>>>>>>
Platinum…………….$900……next stop……..$875
From the frying pan into the fire…………………
http://www.zerohedge.com/news/2017-12-06/declaration-war-trump-jerusalem-decision-sparks-outrage-warning-fire-no-end-sight
There you have it. Since Saturday I have left $2,000.00 dollars per Bitcoin on the table.
You’ve also converted paper profits to real profits. And you’ve still got half your position. Seems like a wise move to me.
GH:
Thanks. I took a lot of abuse to $11,000.00 Bitcoin.
Bulls make money
Bears make money
Pigs get slaughtered.
At least they use to.
I will say that if Bitcoin survives, A few of the others will as well. Don’t think that just because you missed Bitcoin you missed the Crypto’s. Nothing could be further from the truth.
Back at $4,000.00 Bitcoin I recommended buying one Bitcoin.Also back at $1,000.00 Bitcoin I told Oz to buy on a pull back.The pullback never came.
I believe there is going to be some kind of confidence event coming that will allow you to purchase the Cryptos at much lower levels. If I am wrong I will none the less be a good contrarian indicator.
Jamie……..is a MORON………..ha,ha
or a least a Liar……..
https://www.cryptocoinsnews.com/take-that-jamie-surging-bitcoin-price-propels-crypto-market-cap-ahead-of-jpmorgan/
Some of the tokens will represent value as initial token offerings are to some extent replacing venture capital. Detecting fraud/incompetence, however, will be a problem.
Even venture capitalist experts get it wrong often, but with much fraud in cryptos, it will be a continuing real problem.
UTube Weed control……….New employment opportunities ………
http://www.zerohedge.com/news/2017-12-05/youtube-hires-10000-staff-weed-out-extremist-content
Freedom of Speech……..?
Google is not part of the Government, and thus is in no way constrained by the Constitution.
Public opinion, on the other hand, could affect their decisions.
What govt……….
I keep forgetting the govt is out for themselves………..
Bitcoin= The Failure of the Federal Reserve and their assumption of price stability.
Jerusalem Embassy Act 1995
Introduced in the Senate as S. 1322 by Bob Dole (R-KS) on October 13, 1995
Committee consideration by Senate Committee on Foreign Relations, and House Committee on International Relations
Passed the Senate on October 24, 1995 (93–5
Roll call vote 496, via Senate.gov)
Passed the House on October 24, 1995 (374–37
Roll call vote 734, via Clerk.House.gov)
Left unsigned by President Bill Clinton and became law on November 8, 1995
Good luck on finding a suitable building or land in Jerusalem, though.
The Ashkenazi will take what they want……..
DOWN SHE GOES………..SIlver ………..$15.94
Loonie Toonies.
https://finviz.com/futures_charts.ashx?t=6C&p=m5
Canadians taking a beating………..
I’m averaging down….just bought another 500 oz.
Storage is going to be a problem soon.
That is a problem………what are you going to do when the fires meet your camp…..
15.90
This is big………………music industry will take over bitcon game……..
https://www.cryptocoinsnews.com/mariah-carey-g-eazy-and-motorhead-now-accept-monero-for-music-merchandise/
Platinum under 900……….896
I buy my silver right as London closes and PMs go down further. The COMEX is not behaving normally.
When did it ever ……..The COMEX is not behaving normally.
Silver stealer.net………..has served me well these past years………
So I buried some of my Gold and Silver.I couldn’t find the paper saying how much. I went to dig it up and the ground was frozen.
Would that be considered “Cold Storage?”
buried some of my Gold and Silver.I couldn’t find the paper …………Fools Gold more like it………… 🙂
I deserved that one Jerry. Just stick me in the corner with a T.V and a remote with no batteries and watch me try change the channel.Future visions of getting old.
🙂
Just have a time watching the madness………..
Happy Holiday…….chart from Bill
https://www.jsmineset.com/
just scroll down to the Bear Chart
Please Sand by….
Everyone here has been fired for sexual harassment,there is no one left to run the station.
To Funny
Max discusses Bitcoin:
https://youtu.be/sbJ44BLxjGo?t=719